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NEW YORK (Reuters) - The S&P 500 erased earlier losses to close flat on Wednesday after minutes from the latest Federal Reserve meeting indicated the central bank might be ready for another round of stimulus.

The Minutes from the July 31-August 1 meeting suggested the Fed is likely to deliver another round of monetary stimulus "fairly soon" unless the economy improves considerably.

Oil prices rose on Wednesday as indications the Federal Reserve is likely to provide more stimulus and a sharp drop in U.S. crude inventories countered concerns about Europe's debt crisis.